Make your money do the mahi.
Once you get started with Debut, you can turn on Universal Interest and earn up to 5.10% P.A. on every dollar in Debut. (1)
What is P.A.? 🍨
PA – or Per Annum – is the total amount of interest you earn on your savings over a year.
Why does Debut offer Universal Interest while other banks don’t?
Debut aims to design banking services in a way that maximises the benefits for our customers. We believe that this is how banking should be.
Universal Interest is paid monthly.
Universal Interest is paid into your Cash Account at the end of every month.
How we calculate Universal Interest
Debut makes it simple to earn great interest. Here’s how it works.
Interest calculated daily: Universal Interest is calculated once per day based on your daily balance at a fixed rate of 5.10%. Universal Interest is applied to your net total – that’s all of your accounts, including Savings Sheds without PowerUps – and paid at the end of the month.
This is how we calculate your Daily Interest (2):
(5.10% Universal Interest x Daily Balance) ÷ 365 days = Daily Interest
Paid out monthly: We add up all your Daily Interest and pay you at the end of every month. We subtract tax for you at your rate and can provide you with a summary of your records on request for the time being. Later you will be able to download reports yourself from the app.
Earn on every dollar: You'll earn on money in both your Cash Account and your Savings Sheds by default when you turn Universal Interest on. If you have a PowerUp enabled, the Savings Shed will earn at the PowerUp rate instead. If you close a Savings Shed, any earnings for that Shed are paid into your Cash Account instead.
No fees or penalties: There are no hidden fees, no penalties for spending and no surprises. Just a straightforward 5.10% interest rate on your balance, delivered monthly. You can earn Universal Interest with as little as $1 in your Debut account. There are no minimums.
Why monthly payments?
Debut wants everyone to have access to financial services and insights that help them grow their money and achieve their financial goals.
A single, monthly interest payout provides more benefit to the majority of Debut members than daily or even weekly pay-outs and keeps the transaction history clean and easy to read.
Remember, Debut is shaped by you, so we’re open to change. Share your thoughts in the Debut app by going to More > Get in touch.
How Debut keeps you secure.
While building smarter banking, Debut is also committed to creating a more secure banking experience as well. Here are a few ways we keep you safe.
Secure identity verification at sign-up
Your money is in a registered bank account.
Automatic safeguards for potentially hazardous transactions
How does Debut’s Universal Interest compare with other interest schemes?
Provider | Main Account Interest | Savings Account Interest | Charges or limits |
Debut | 5.10% p.a. Cash Account
Free | 5.100% p.a. or higher with Savings Sheds | No fees. No lockups. No charges No penalties. No minimums. No withdrawal limits. |
Heartland | $0.50 p.a. YouChoose | 5.00% p.a. Online Saver | • No fees or limits on these accounts. |
Dosh | None | 1.5 - 5.10% p.a. Strive
* Temporarily up to 5.00% | • Higher rate only applies if you make monthly deposits. |
Kiwibank | None | 4.50% p.a. Online Call | • No fees or limits on these accounts. |
ANZ | 1.40% p.a. Select
$6.00 per month if balance is below $5,000. | 1.25 - 4.50% Serious Saver | • 1 free withdrawal from savings in the first five days of the month. • $5.00 per withdrawal after that. • Deposit minimums to get Premium Rate. |
ASB | None
| 2.45 - 5.00% p.a. Savings Plus | • 1 withdrawal from savings allowed in the first five days of the quarter. |
Cooperative | None $5.00 per month | 1.9 - 4.75% p.a. Step Saver | • Higher rate only applies if you make monthly deposits. |
BNZ | None
| 4.55% p.a. Rapid Save | • 1 free withdrawal from savings per month. • $3.00 per withdrawal after that. |
Westpac | None | 2.7 - 4.5% p.a. Bonus Saver | • Requires $20 deposit per month to earn at higher interest level. |
TSB | None | 4.20% p.a. WebSaver / Horizon | • $10,000 minimum required interest in everyday account. • $1 fee on withdrawals - Horizon • $350 minimum deposit - Horizon |
Revolut | None 0-$20 per month | • No savings | • n/a |
Data accessed on 07/08/2024
How to set up Universal Interest:
To start earning Universal Interest in Debut, simply provide your IRD number and Tax Rate (RWT) when you activate Universal Interest. If you're not sure what your rate is, there's a guide to help you find it. Look out for a notice on your Home Screen in the latest update available on the iOS App Store and Google Play Store.
Footnotes
1. The Universal Interest Rate may change. We’ll be sure to let you know if it does.
2. Daily Interest is calculated by dividing by 366 days during a leap year.